Congrats on paying off your mortgage! One less bill to worry about, right? But even if you’ve paid off your home loan, you might still wonder whether you need to continue to carry home insurance. Our insurance experts at Abney Insurance in Winter Garden, FL is here to help.
Home Insurance After Paying Off Mortgage
Florida homeowners insurance is not required by law if you own your home outright and there is no mortgage on the property. However, just because it’s not required doesn’t mean it’s not a good idea.
There are many reasons why you might want to keep carrying your home insurance policy even after your mortgage is paid off. For one thing, home insurance can protect you from unforeseen circumstances such as storms, fires, and theft. If your home is damaged or destroyed, your home insurance policy can help you pay for repairs or replacement costs. Without homeowner’s insurance, you will need to pay for repairs out of your own pocket.
Furthermore, most homeowners associations (HOAs) require members to carry some level of home insurance even if their mortgage has been paid off. So if you’re part of an HOA, check with your HOA board to see what kind of coverage they require.
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Ultimately, the decision of whether or not to keep carrying home insurance after your mortgage is paid off is up to you. However, we recommend that you at least consider maintaining some coverage for your Winter Garden, FL home. Home insurance can protect you from unexpected events and also may be required by your HOA. If you have any questions about whether or not home insurance is right for you, contact Abney Insurance, and we’ll be happy to help!